foreclosure crisis

The best deals for house hunters will depend on the local market and how much battered it has been by the foreclosure crisis. The patience of the buyer is also a vital factor. The housing inventory of America is choc-a-bloc with endless distressed properties coming from the foreclosure category - covering all stages of it. For shoppers it is advisable to weigh each offer carefully before clinching any deal.


It would be foolish to think that all the bank foreclosure listings are coming with heavy discounts. The builders are not all slashing prices drastically. Short sales take months to materialize. After months of waiting the sellers fail to get the nod.


Considering the scenario it seems the best way would be to follow the traditional route and therefore these units should not be altogether excluded.


To make the best use of your dollars it is imperative to know the mood of the current market, the lists on it and the market feel. The prices of the various kinds of houses depend on all these factors. You should also be sure about the amount risk you are prepared to take, the time you are willing to spend and the maximum amount you are ready to invest.


There are many like you in the same boat. Diann Patton is realtor with Coldwell Banker. She said that today the buyers are much more conversant with what is going on in the housing sector.


It is best to enter the fray armed with knowledge taking into account the locality you are planning to reside in said Professor Leonard Baron of San Diego State University. With the exception of the new units, most of the houses get posted in the multiple listing services. It helps the shoppers to make their choice in tune with their requirements and budgets.


Generally the REOs or bank owned properties come with heavy discounts. The amount of this depends on the local market. According to Zillow.com the usual discount for the bank-owned units as compared with conventional units is anything from 20% or 30%. According to RealtyTrac the average discount for the units owned by the banks is 34% on a national count.

The houses coming from the distressed category are cheaper because the banks are eager to offload a huge inventory weighing them down.